PLYMOUTH MEETING, Pennsylvania, July 27, 2020 (GLOBE NEWSWIRE) -- AMREP Corporation (NYSE: AXR) today reported a net loss of $5,903,000, or $0.73 per share, for its 2020 fiscal year ended April 30, 2020 compared to net income of $1,527,000, or $0.19 per share, for the prior year.
Results for 2020 included $8,600,000 of non-cash charges comprised of: (1) a non-cash pre-tax pension settlement charge of $2,929,000 due to the payment of lump sum payouts of pension benefits to 309 former employees and (2) net non-cash pre-tax impairment charges on other assets of $5,046,000 in connection with certain deemed consideration from the sale of the Company’s fulfillment services business. Results for 2019 reflected a net loss from continuing operations of $2,465,000 and net income from discontinued operations of $3,992,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.
AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico.
|Twelve Months Ended April 30,|
|Net income (loss) from continuing operations||$||(5,903,000||)||$||(2,465,000||)|
|Net income from discontinued operations||-||$||3,992,000|
|Net income (loss)||$||(5,903,000||)||$||1,527,000|
|(Loss) per share from continuing operations – Basic and Diluted||$||(0.73||)||$||(0.30||)|
|Income per share from discontinued operations – Basic and Diluted||$||-||$||0.49|
|(Loss) income per share – Basic and Diluted||$||(0.73||)||$||0.19|
|Weighted average number of common shares outstanding - basic||8,134,000||8,099,000|
|Weighted average number of common shares outstanding - diluted||8,134,000||8,145,000|
AMREP Corporation’s financial statements on Form 10-K are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREP’s website (www.amrepcorp.com/sec-filings/).
|620 West Germantown Pike, Suite 175|
|Plymouth Meeting, Pennsylvania 19462|
|CONTACT:||Adrienne M. Uleau|
|Vice President, Finance and Accounting|